You are here: Home » News-CM » International » Market Report
Business Standard

US Market falls for third day, crypto plunge

Capital Market 

The US stock market finished lower for third session in row on Wednesday, 19 May 2021, as a steep fall in cryptocurrencies and as the Federal Reserve minutes showed the US central bank inching closer to a possible shift in future monetary policy.

At the close of trade, the Dow Jones Industrial Average index declined 164.62 points, or 0.48%, to 33,896. The S&P 500 index was down 12.15 points, or 0.29%, at 4,116. The tech-heavy Nasdaq Composite Index dropped 3.90 points, or 0.03%, to 13,300.

Total 9 out of 11 S&P 500 sectors closed lower, with energy (down 2.53%), materials (down 1.54%), consumer discretionary (down 0.75%), financials (down 0.63%), and industrials (down 0.58%) sectors being notable losers, while information technology (up 0.33%) sector was notable gainers.

The Minutes of the U.

S. central bank's April 27-28 meeting showed that a number of Fed policymakers thought that if the economy continued rapid progress, it would be appropriate "at some point" in upcoming meetings to begin discussing tapering government bond purchases.

Bitcoin, the world's largest cryptocurrency, tanked in the wake of China's move to ban financial and payment institutions from providing cryptocurrency services. Tesla, which have big exposure to bitcoin, tumbled on selling pressure, while payments companies Mastercard , Square and PayPal that accept crypto payments fell between 0.6% and 3.2%.

Target Corp. (TGT) shares gained after the company reported a profit of $2.09 billion compared with $329 million in the year-ago quarter.

Among Indian ADR, Dr Reddys Labs was up 0.63% to $72.20, ICICI Bank added 0.35% to $17.24, and INFOSYS added 0.99% to $18.44. WNS Holdings added 1.19% to $70.83 and Wipro added 0.27% to $7.47. Vedanta fell 3.51% to $15.14, HDFC Bank fell 0.59% to $73.55, and Tata Motors fell 4.84% to $20.85.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, May 20 2021. 09:01 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU